The present invention relates generally to a system and method for tracking physical assets, and more particularly to a method and system for locating and activating or deactivating equipment.
At the present time, Financing Companies suffer significant losses due to fraud—usually in the form of Identity Theft—associated with the financing (loans, leases, revolving credit, etc.) of valuable equipment, especially computer systems for consumers. While great care is taken in attempts to validate or confirm the true identity of the prospective customer at the time of purchase, identity thieves have become sophisticated enough to largely circumvent these attempts. Therefore, once the fraudulently obtained equipment has shipped, it is presently nearly impossible to locate or recover. Consequently, the financing companies are forced to write off these very substantial losses as ‘a cost of doing business.’
The methods described in this application provide means of deterring the desire of thieves to fraudulently obtain Equipment that is protected by the means of this novelty, since; (1) it makes it nearly impossible for the thieves to obtain any benefit from the stolen Equipment (it being rendered unusable through deactivation); and (2) it poses the real threat of being apprehended “red handed” when the geolocation function of this novelty is used to assist authorities in the timely location and recovery of the misappropriated Equipment.
To provide a successful deterrent to the theft of financed equipment, the equipment has to be perceived by the thieves to have characteristics that will deter their desire for the equipment because—when stolen—the equipment becomes very undesirable. This invention proposes that two such deterrents would be: (1) rendering the equipment non-functional (inactive), and (2) that the equipment could assist the authorities in locating and apprehending the thieves. Important benefits to the lessor would be that the stolen equipment has a means of recovering the equipment if it is lost or stolen or misplaced, and that the usability of the equipment can be controlled should the financing agreements become delinquent. Side benefits to the legitimate user (lessee) could be an effective means of protection of his valuable information as well as the ability to recover the equipment if lost or stolen.
Additional objects, advantages and novel features of the invention will be set forth in part in the description which follows, and in part will become apparent to those skilled in the art upon examination of the following or may be learned by practice of the invention. The objects and advantages of the invention may be realized and attained by means of instrumentalities and combinations particularly pointed out in the appended claims.